Should I Take My Money Out of the Bank?
Jul 27, 2008 Finance
We all heard about IndyMac Bank, one of the nation's largest lender, closing its doors and people lining up to draw their money out of the bank. People are getting worried about their deposited money at the bank because of IndyMac's failure.
"In the FDIC’s 75-year history, no customer has ever lost a
single penny of insured deposits"
So should you be worried?
Well, many experts predict that more banks will fail in the next 12 months or so and I don't disagree with that. But I wouldn't be worried about my money at all because I know my money is insured upto $100,000 by the FDIC. If you have more than $100,000 deposited in one bank, you should consider spreading it out at different banks. Don't make the mistake of putting money in different branches of the same bank though.
Tags: banking, money, personal finance